公众环境关注度与企业绿色创新策略:基于调节效应与中介效应的研究

Public Environmental Concerns and Corporate Green Innovation Strategy:A Research Based on Moderating and Mediating Effect

绿色创新是促进企业可持续发展的必要途径之一。文章以2011-2022年间沪深A股上市公司为样本,探讨公众环境关注度与企业绿色创新之间的关系,并将环境不确定性与媒体关注两个变量纳入“公众环境关注度-企业绿色创新”的作用关系中,分别考察两者对此是否产生调节效应。结果表明,公众环境关注度对于企业实质性绿色创新产生积极效应,但对策略性绿色创新产生消极效应;环境不确定性与第三方媒体关注在此关系中均产生正向调节效应。此外,作用机制检验发现公众环境关注度可以通过增加媒体对企业的关注、提高企业研发投入、缓解融资约束与提升企业信息披露质量四种途径促进企业实质性绿色创新。实践意义表明技术、生产线、产品工艺上的创新对企业价值有提升作用,而以“数量、速度”为首的策略性绿色创新反而会有损企业价值。

Green innovation is one of the necessary ways to promote corporate sustainable development.Using a sample of A-share listed companies in Shanghai and Shenzhen Stock Exchanges during the period of 2011-2022,this paper explores the relationship between public environmental concerns and corporate green innovation,incorporates two variables,environmental uncertainty and media attention,into the relationship of“public environmental concerns-corporate green innovation”,and examines whether they have a moderating effect on it.The results show that public environmental concerns have a positive effect on corporate substantive green innovation,but have a negative effect on strategic green innovation,and environmental uncertainty and third-party media attention have a positive moderating effect in this relationship.Furthermore,the test of mechanism of action reveals that public environmental concerns can promote corporate substantive green innovation through four ways:increasing media attention to corporates,improving R&D investment,alleviating financing constraints,and improving the quality of corporate disclosure.The test of practical significance shows that innovation in technology,production line,and product process can increase the corporate values,while strategic green innovation,which is characterized by“quantity and speed”,will harm the corporate values.